UPDATE 1-Mexico's Televisa says buys rest of Cablecom for $654 mln

MEXICO CITY Aug 14 (Reuters) - Mexico's Grupo Televisa
said on Thursday it paid 8.55 billion pesos
($653.96 million) to acquire the remaining shares in Mexican
cable company Cablecom it did not already own.

Televisa, the world's largest provider of Spanish-language
content, last year paid 7 billion pesos to buy 51 percent of the
company with an option to buy the remaining 49 percent.

Earlier this year, regulator the Federal Telecommunications
Institute (IFT) declared Televisa "dominant" in the free-to-air
TV market and made it subject to a package of rules to try to
increase competition in Mexico.

The company controls more than 60 percent of free-to-air TV.

The new law underpinning that move, which aims to rebalance
Mexico's notoriously concentrated telecoms and broadcast
markets, came into effect on Wednesday.

The IFT now has 30 days to begin investigating whether
Televisa has 'substantial market power' in pay-TV, where it is
Mexico's biggest player if its cable and satellite businesses
are combined.
(1 US dollar = 13.0742 Mexican pesos)
(Reporting by David Alire Garcia; Editing by James Dalgleish)